Phoenix (AZ) Auto Loans

Auto financing makes it possible to shop for a car or truck that you would be unable to purchase in cash. Unfortunately, the process of getting financing can be a major aggravation, especially if your credit isn’t the greatest. We can help you secure your car loan faster, at an affordable rate of interest, even when your credit isn’t great.

You could be in the driver’s seat of a new car in no time flat.

Auto Loan Rates in Phoenix

Many lenders only advertise the most affordable rate they offer, which is only available to people with great credit. The reality is, your interest rate can vary hugely based on your credit, plus a range of other variables. The rates shown below are only for informational purposes. These are not advertisements, and your exact rate could be very different.

FICO Score

New Car

Pre-owned Car

Excellent

3.4%

3.9%

Good

4.8%

5.7%

Average

6.6%

8.2%

Subprime

9.3%

10.6%

Bad

14.4%

16.7%

Very Bad

17.1%

19.0%

Used Auto Loans in Phoenix

New cars have the most competitive rates of interest. Nevertheless, it’s smart to finance a pre-owned car, as the total price will be significantly less. Consider the chart below, illustrating the costs associated with auto loans for new versus pre-owned vehicles.

Age

Price

Rate

Months

Payment

Interest

Total Cost

New

$30,800

6.00%

60

$595.45

$4,927

$35,727

1 Year

$24,640

7.50%

60

$493.74

$4,984

$29,624

2 Years

$20,944

7.50%

60

$419.67

$4,236

$25,180

3 Years

$17,802

7.50%

60

$356.72

$3,601

$21,403

Are you interested in a pre-owned car or truck? Listed below are the typical limits on auto loans for used cars:

Car no older than 7-10 years.

Mileage no greater than 100,000.

Purchased through dealer, not private party.

Bad Credit Car Loans in Phoenix

Getting financed with below-average credit can be quite a job, especially if you don’t want to pay an outrageous rate of interest. Generally speaking, it works like this: the better your credit, the lower your interest rate. Past generations had to go from one dealer to another, in search of one able to offer them a loan. Fortunately, modern innovation has streamlined most of this groundwork.

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If your credit is pretty bad, you may be keen on a car dealership that promotes buy here pay here loans. Clearly, your credit isn’t going to be a concern at this type of place, but you will end up paying a ton in interest for an outdated car or truck.

You should stay away from these dealerships whenever possible, getting an auto loan on the web. This is how the majority of people get approved, and it’s much more economical in the end.

Can a Car Loan Improve Your Credit?

As time passes, the payments made financing a car can elevate your credit score . It is important to bear in mind that this is a step by step process. Most lenders offer automatic bill-pay, which is crucial for keeping current on your payments.